Jones Lang LaSalle Inc. Capital Markets sourced and arranged $43.2 million in bank bridge financing for Varenita of Westlake, an 86-unit assisted-living and memory-care community located in Westlake Village.
JLL represented the borrower, Westlake Senior Living Center LLC, to secure the five-year loan from a West Coast regional bank.
The financing was needed to replace an existing construction loan and an equity partner, whose term on the specific investment was closing.
“Varenita of Westlake is an exceptional community, a true treasure to the seniors of Westlake and Thousand Oaks,” Alanna Ellis, a director of JLL Capital Markets who led the arrangement along with associate Ace Sudah, said. “We were incredibly impressed at the attention to design detail.”
Located at 95 Duesenberg Dr., Varenita of Westlake is a class A luxury senior-living community, which consists of 58 assisted living units and 28 memory-care units.
The complex features a mix of predominantly one-bedroom units, with some additional studios and two-bedroom units as well.
The boutique-style community sports a myriad of on-site amenities to keep seniors active, including multiple designated dining rooms; a bistro; an art room; a spa and salon; a movie theater; a laundry facility; a fitness center with physical and occupational therapy; and a wellness center and multiple outdoor patios and walking paths.
“Varenita of Westlake will be an outstanding benefit to the residents for many years to come and we were proud to have been a small part of the community’s success,” Ellis said.